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Hot Topic Scrutiny Week
Hot Topic Scrutiny Week
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NZ sharemarket slips from 28mth high


Share prices weakened today after international markets weakened.

NZPA
Fri, 14 Jan 2011

The New Zealand sharemarket retreated from a 28 month high today after international markets weakened.

Brokers said there was some profit-taking ahead of the weekend and ahead of December quarter inflation data next week.

The benchmark NZX-50 index closed down 3.815 points, or 0.1%, at 3369.89. Turnover was worth $56 million. There were 36 rises and 33 falls among the 11 stocks traded.

"Across Asia, regional markets are mixed after a drop in commodity prices saw Wall Street post modestly weaker leads," said Ben Potter at IG Markets.

But optimism is building about the health of the US economic recovery and a strong earnings season is expected.

Fletcher Building, which has completed sending offer documents to Crane Group shareholders, eased 2c to 794. Both sides have been talking about their positions this week.

While PGG Wrightson today spelt out the procedure for the partial takeover by Chinese company Agria. PGG Wrightson rose 1c to 55, which is less than the 60c Agria is offering.

The Warehouse rose 2c to 356 on a day there was speculation of a management shakeup after the company said on January 5 that sales in the two months ended January 2 were down 2.7% on the same period last year.

Mercer Group rose 3.8c to 10. The ex date for its right issue was this week.

Many Australian companies have been advising the market of the impact of the Queensland floods and some of the companies are listed in New Zealand. Nuplex rose 1c to 353 and Goodman Fielder fell 2c to 173.

APN News & Media, which is yet to advise on the impact of the floods, was untraded in this market. The Australian newspaper reported that Bank of America predicts a drop in advertising revenues of 10-20% over two months could cut sales by 1% and earnings per share by about 3%. The company owns newspapers in Queensland.

Beverage maker Charlie's rose to 1.9c on a day it said Coles supermarkets in Australia will stock more of its products.

Investment company Hellaby Holdings rose 5c to 225, which is a three-year high. Ryman Healthcare was up 2c to a 3-1/2-year high 237, while NZ Refining Co eased 2c below yesterday's 18-month high at 450.

Contact Energy was up 3c to 638, Telecom slipped 1c to 228 from yesterday's 11-month high, and TrustPower was unchanged at 730. Xero fell 25c to 255.

NZPA
Fri, 14 Jan 2011
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NZ sharemarket slips from 28mth high
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